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$370 million!!

Topic closed. 14 replies. Last post 10 years ago by Guru101.

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Greenwich, CT
United States
Member #4793
May 24, 2004
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Posted: March 6, 2007, 11:59 am - IP Logged

Just out!!

    twisted's avatar - underground
    New Jersey
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    Member #2376
    September 25, 2003
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    Posted: March 6, 2007, 12:05 pm - IP Logged

    A new record!!!! Awesome.

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      NY
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      October 16, 2005
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      Posted: March 6, 2007, 12:07 pm - IP Logged

      Well then, it will definitely have to roll tonight.  We've now got a jump of $95 million from the last draw, and the same jump for a roll would take it to $465. I'd guess at the advertised jackpot starting at $475, but I can't imagine that we wouldn't see our first jackpot of half a billion.

      By any reasonable accounting MM has held the record since the cash payout to the group  from Anaheim 16 months ago. Even using the annuity,  PB's $25 million cap on jackpot increases probably means that PB would never own  the record again without dumping the cap or  stretching out the annuity. 

        Raven62's avatar - binary
        New Jersey
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        June 28, 2005
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        Posted: March 6, 2007, 12:14 pm - IP Logged

        Just out!!

        What's the Source of Your Information?

        MM Website still shows $355,000,000!

        A mind once stretched by a new idea never returns to its original dimensions!

          twisted's avatar - underground
          New Jersey
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          Posted: March 6, 2007, 12:17 pm - IP Logged

          MM official website is the slowest to update.  Check ohiolottery.com

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            New Jersey
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            Member #21206
            September 4, 2005
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            Posted: March 6, 2007, 12:17 pm - IP Logged

            What's the Source of Your Information?

            MM Website still shows $355,000,000!

            The MM Website has just changed the figure.

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              Greenwich, CT
              United States
              Member #4793
              May 24, 2004
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              Posted: March 6, 2007, 12:20 pm - IP Logged

              Every page on the MM Website shows $370m, except for the title page.  Maybe it's always slow to update??

                Raven62's avatar - binary
                New Jersey
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                June 28, 2005
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                Posted: March 6, 2007, 12:29 pm - IP Logged

                The MM Website has just changed the figure.

                So they have! Thanks: Prob988

                A mind once stretched by a new idea never returns to its original dimensions!

                  pigsNtrees's avatar - pigsNtrees
                  Mallorn trees of Lothlorien
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                  November 14, 2005
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                  Posted: March 6, 2007, 12:31 pm - IP Logged

                  Wow that's $165,750,000 to a single winner if your state has no state income tax. Okay they take out 25% before you get it right? Now didn't I read somewhere here that they also take out another 10% at the end of the year?

                  Quando Porca Volare!

                  drunk hobbit

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                    New Member

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                    Posted: March 6, 2007, 12:32 pm - IP Logged

                    I work at a store that is a lottery lion I cant imagine what it will be like tonight just hope we can sell that lucky lottery ticket. here in Il they changed the bonus it used to be 1 % of the jackpot that would have been 3.7 mil now it caps at 500,000 either way it would be nice to get that publicity good luck to everyone who plays

                     

                    p.s. megan ball # will be 17  now you have something to work with lol 

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                      NY
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                      October 16, 2005
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                      Posted: March 6, 2007, 12:42 pm - IP Logged

                      Wow that's $165,750,000 to a single winner if your state has no state income tax. Okay they take out 25% before you get it right? Now didn't I read somewhere here that they also take out another 10% at the end of the year?

                      The highest federal tax bracket is 35%, and if you win a lottery jackpot you will fall into the highest bracket. The cash value of $221.1 million would net just under $144 million for somebdy who doesn't have to pay a state income tax on it.

                      As a NY resident I'd only clear a paltry $128.5 million. Really, I just can't imagine how I'd make ends meet.

                        pigsNtrees's avatar - pigsNtrees
                        Mallorn trees of Lothlorien
                        United States
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                        November 14, 2005
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                        Posted: March 6, 2007, 1:00 pm - IP Logged

                        Thanks KY Floyd. I don't know why they just don't come right out and say it's 35%.

                        Quando Porca Volare!

                        drunk hobbit

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                          California
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                          October 1, 2006
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                          Posted: March 6, 2007, 1:02 pm - IP Logged

                          pigsNtrees...here is how taxes work for those states that don't tax lottery winnings, such as California.

                          Before you get your check, the lottery witholds 25% for Federal Income Tax and sends it on your behalf to the IRS.  At this point you would most likely be in the highest tax bracket, currently 35%  Therefore come April 15th of the next year (or sooner, but why?) you would have to pay an additional 10% to the Feds to settle your taxes.  The  question that an accoutant or lawyer would have to answer is would the IRS expect you to pay some of the 10% as anticipaited taxes soon after getting your money or could you wait until filing your taxes in the following year?  Also what is not taken into account in the 10% figure is the effect of charitable donations, gifts, other income/deductions, etc.

                          Most likely you will be writing the IRS a healthy check.  But what the heck, you can afford it!

                            pigsNtrees's avatar - pigsNtrees
                            Mallorn trees of Lothlorien
                            United States
                            Member #26084
                            November 14, 2005
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                            Posted: March 6, 2007, 1:13 pm - IP Logged

                            Thanks Ca LotteryGuy. I think one of the best perks of being rich is you have a say on where your taxed money goes up to a point. If I were to win a big prize, you bet I would give all that I can, to various charities that I'm allowed to, under the law.

                            Quando Porca Volare!

                            drunk hobbit

                              Guru101's avatar - rw6jhh
                              Indiana
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                              January 7, 2007
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                              Posted: March 6, 2007, 1:40 pm - IP Logged

                              It could be to $380M by the time of the drawing.Big Grin

                              Gonna win.Big Smile